Nexera Announces Delayed Filing of Q1 Financial Statements and MD&A and Application for Management Cease Trade Order
News provided byACCESSWIRE
May 26, 2023, 4:35 PM ET
CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / May 26, 2023 / Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) (the "Corporation", the "Company" or "Nexera") would like to provide an update on the status of the filing of its Q1 financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the quarter ended March 31, 2023 (collectively, the "Q1 Filings").
The current bookkeeper of the Corporation has recently informed the Corporation that, due to the delay in completing the 2022 annual financial statements on time, they will not be able to compile and complete the unaudited Q1 Financial Statements of the Corporation by the prescribed filing deadline, and the Company anticipates the Q1 Filings will be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations and pursuant to National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings, being May 30, 2023 (the "Filing Deadline").
The Company intends to continue to work diligently and expeditiously with its bookkeeper and auditor and expects to file the Q1 Filings as soon as possible, and in any event no later than June 23, 2023.
Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its last financial statements that were filed.
Management Cease Trade Order Application
In light of the delay in filing of the Q1 Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP12-203"). The Company has made an application to the Alberta Securities Commission (the "ASC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default regarding the Q1 Filings. The granting of the MCTO is at the discretion of the Alberta Securities Commission and there is no guarantee that this will be granted. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default.
For further information, please contact:
Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Stockdale Horizon Projects. The Company also owns 100% of Production Resources Inc., a South Texas oil company.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Nexera Energy Inc.
NOTE: This content is not written by or endorsed by "WTEN", its advertisers, or Nexstar Media Inc.